The Central Bank of Nigeria (CBN) has said it would henceforth request for evidence of tax payment for funds in excess of $10,000 or its cash equivalent being transported outside the country as part of measures to curb money laundering in the country.
The apex bank in a statement issued by its director, Corporate Communications, Ibrahim Mu’azu, yesterday which raised concerns over the increase in the transporting of huge sums of foreign currency across the borders of the country, said it would commence investigation into the source of such funds.
Asides investigating the source of the huge foreign exchange declared to the Nigerian Customs and requesting for evidence of payment of tax and other levies, the CBN said it would also seek the justification of such funds to ensure that no money laundering activity was involved.
